SFX Entertainment Inc (NASDAQ:SFXE) announced that its special committee of independent directors, with the concurrence of Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer, has set an initial bid deadline of October 14, 2015 for third-parties to submit their proposals to acquire the entire Company or assets not central to the Company’s core business. The committee’s decision results in a two week extension to the initial target bid date of October 2, 2015 in an attempt to give all parties sufficient time to complete their due diligence review following events occurring in September 2015, including the closing of the Company’s financing transactions on September 17, 2015 and the conclusion of the Fall festival season. The committee will finalize the bidding process as expediently as possible. Pursuant to a voting agreement between Sillerman and his affiliates and the Company, Sillerman has agreed to vote all shares beneficially owned by him in favor of a transaction involving the sale of the Company that is recommended by the special committee. Such voting agreement terminates on December 31, 2015, provided that if the Company enters into a definitive agreement prior to such date, subject to terms and conditions as set forth in the voting agreement, Sillerman will vote in favor of the recommended transaction following the execution of such definitive agreement. A copy of the voting agreement and a summary thereof are provided in the Company’s Current Report on Form 8-K filed with the SEC on September 22, 2015. (Original Source)

Shares of SFX Entertainment Inc closed yesterday at $0.51. SFXE has a 1-year high of $5.69 and a 1-year low of $0.40. The stock’s 50-day moving average is $0.77 and its 200-day moving average is $3.33.

On the ratings front, SFXE has been the subject of a number of recent research reports. In a report issued on August 18, Stifel Nicolaus analyst Benjamin Mogil downgraded SFXE to Sell, with a price target of $1, which implies an upside of 96.1% from current levels. Separately, on August 17, Albert Fried’s Richard Tullo maintained a Buy rating on the stock and has a price target of $6.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Benjamin Mogil and Richard Tullo have a total average return of -1.6% and 5.3% respectively. Mogil has a success rate of 39.4% and is ranked #2851 out of 3755 analysts, while Tullo has a success rate of 56.5% and is ranked #687.

SFX Entertainment Inc is engaged in the production and promotion of live electronic music culture festivals and events, production of music tours, merchandising and related services in the United States.